The Minister of Finance has released the draft Dedicated Banks Bill for public comment.
The draft Bill aims to improve access to basic banking services for low income and historical disadvantaged communities. The Bill creates the opportunity for companies such as, amongst others, large retail outlets, cellular phone companies; the Post Bank; and existing banks to expand basic banking services to these communities.
Companies may provide these services by becoming Savings Banks or Savings and Loans Banks (called dedicated banks in the draft Bill) by lowering the existing requirements provided for in the Banks Act No. 94 of 1990.